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The three-story, 58,000-sf Pennovation Center, as it’s being called, will be at the heart of Pennovation Works, a blend of offices, labs, and production spaces situated within 23 acres along the Schuykill River and adjacent to the university’s main campus in Philadelphia. Renderings courtesy HWKN

Recent from Building Team

The three-story, 58,000-sf Pennovation Center, as it’s being called, will be at the heart of Pennovation Works, a blend of offices, labs, and production spaces situated within 23 acres along the Schuykill River and adjacent to the university’s main campus in Philadelphia. Renderings courtesy HWKN

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Eight years into the transformation of an elevated section of New York Central Railroad’s West Side Line into a public park, the $273 million project is being hailed as a resounding win for the city. Photo: Beyond My Ken via Wikimedia Commons

Construction spending jumps in February

Construction spending posted its biggest increase in a year in February as builders took advantage of Americans' strong demand for new homes.

The Commerce Department reported Monday that spending on construction projects grew by a bigger-than-expected 1.1 percent in February.

Many analysts were forecasting a smaller, 0.6 percent rise.

It was the third straight monthly rise.

Virtually all of the strength came from increased spending on residential construction, which rose 3.5 percent, especially single-family homes.

Despite the recession that began in March 2001, home sales hit record highs last year. Buyers snapped up both new and existing homes, motivated not only by low mortgage rates but also by increases in home values, especially as the stock market swooned.

Even as mortgage rates have crept up over the last four weeks, home sales have remained at solid levels.

The 1.1 percent increase in construction spending in February matched the rise recorded in February 2001.

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Eight years into the transformation of an elevated section of New York Central Railroad’s West Side Line into a public park, the $273 million project is being hailed as a resounding win for the city. Photo: Beyond My Ken via Wikimedia Commons

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The three-story, 58,000-sf Pennovation Center, as it’s being called, will be at the heart of Pennovation Works, a blend of offices, labs, and production spaces situated within 23 acres along the Schuykill River and adjacent to the university’s main campus in Philadelphia. Renderings courtesy HWKN

Eight years into the transformation of an elevated section of New York Central Railroad’s West Side Line into a public park, the $273 million project is being hailed as a resounding win for the city. Photo: Beyond My Ken via Wikimedia Commons

This rendering shows the inside of the proposed Charleston South building looking west. Within the canopy, building segments operate like furniture—light, tactile and reconfigurable. These segments form small villages where employees can work or relax. Renderings courtesy Google, BIG, Thomas Heatherwick